This form is a sample agreement between the owner of property and the contractor agreeing that acceptance by contractor of late payments as described in the agreement do not constitute a waiver of the right to receive timely payments pursuant to the agreement in the future.
Missouri Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a legal document that outlines the terms and conditions for accepting late payments in a construction project in the state of Missouri. It sets clear guidelines and rights for both the contractor and the owner in case of delayed payments. This agreement ensures that the contractor retains the right to enforce timely payment while also providing the owner an opportunity to make late payments without facing legal penalties. It seeks to avoid disputes and maintain a mutually beneficial relationship between the parties involved. Here are some relevant keywords to describe this type of agreement: 1. Payment terms: The agreement specifies the agreed-upon payment terms, including the due date, the method of payment, and any applicable penalties for late payments. 2. Late payment provisions: It outlines the consequences and interest charges associated with late payments, ensuring fairness to both parties. 3. Contractor responsibilities: It highlights the contractor's obligations, such as completing the work as agreed upon and providing accurate invoices. 4. Owner obligations: The owner has responsibilities too, such as making payments on time and promptly addressing any concerns related to the project. 5. Non-waiver clause: This clause ensures that the contractor's acceptance of a late payment doesn't waive their right to enforce timely payment in the future. 6. Dispute resolution: The agreement may include a provision for resolving disputes, such as through mediation or arbitration, to avoid costly legal proceedings. Although different types of Missouri Non-Waiver Agreements between Contractor and Owner Regarding Accepting Late Payments may exist, they would essentially serve the same purpose of establishing a clear understanding between the parties involved. The specific terms and conditions may vary based on the nature of the project and the agreement between the contractor and the owner. It is crucial for both parties to carefully review and understand the terms of the agreement before signing to ensure compliance and avoid any potential conflicts or misunderstandings during the project. Consulting with legal professionals experienced in construction law is advisable to draft a comprehensive and legally binding Missouri Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments.Missouri Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a legal document that outlines the terms and conditions for accepting late payments in a construction project in the state of Missouri. It sets clear guidelines and rights for both the contractor and the owner in case of delayed payments. This agreement ensures that the contractor retains the right to enforce timely payment while also providing the owner an opportunity to make late payments without facing legal penalties. It seeks to avoid disputes and maintain a mutually beneficial relationship between the parties involved. Here are some relevant keywords to describe this type of agreement: 1. Payment terms: The agreement specifies the agreed-upon payment terms, including the due date, the method of payment, and any applicable penalties for late payments. 2. Late payment provisions: It outlines the consequences and interest charges associated with late payments, ensuring fairness to both parties. 3. Contractor responsibilities: It highlights the contractor's obligations, such as completing the work as agreed upon and providing accurate invoices. 4. Owner obligations: The owner has responsibilities too, such as making payments on time and promptly addressing any concerns related to the project. 5. Non-waiver clause: This clause ensures that the contractor's acceptance of a late payment doesn't waive their right to enforce timely payment in the future. 6. Dispute resolution: The agreement may include a provision for resolving disputes, such as through mediation or arbitration, to avoid costly legal proceedings. Although different types of Missouri Non-Waiver Agreements between Contractor and Owner Regarding Accepting Late Payments may exist, they would essentially serve the same purpose of establishing a clear understanding between the parties involved. The specific terms and conditions may vary based on the nature of the project and the agreement between the contractor and the owner. It is crucial for both parties to carefully review and understand the terms of the agreement before signing to ensure compliance and avoid any potential conflicts or misunderstandings during the project. Consulting with legal professionals experienced in construction law is advisable to draft a comprehensive and legally binding Missouri Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments.
